olivLaw · US equity research
Costamare Bulkers Holdings Ltd CMDB
Water Transportation · SIC 4400 · Vertical: Water Transportation (SIC 4400)
Costamare Bulkers Holdings Ltd is an international owner and operator of dry bulk vessels, spun off from Costamare Inc. in May 2025 and listed on the NYSE under the ticker CMDB. Its owned fleet comprises 31 vessels with a carrying capacity of about 2,846,000 dwt, and the company supplements it through its CBI operating platform, which charters in vessels from third parties.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Costamare Bulkers Holdings Ltd (CMDB) stock was 18.25 USD (−0.60% on the day), with market capitalisation 441.3 m USD, beta 0.91, 52-week range 12.66–24.51 USD. Latest reported quarter (Q4 2023): net income of 0 USD, diluted EPS 0.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 30.3
- weak (30–45)
- Bollinger (20, 2)
- 18.22 – 21.50
- in the lower half of the band · %B 0.01 · band width 16.5%
- SMA 50 / 200
- 21.42 / 18.63
- mixed trend
- MACD (12, 26, 9)
- -0.72 / -0.58
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.1% | −1.1% | −17.0 pp | — |
| 3 months | −2.5% | −0.5% | −2.1 pp | — |
| 6 months | −1.9% | +4.4% | −6.3 pp | — |
| Year to date | +18.4% | +12.3% | +6.1 pp | — |
| 1 year | +41.8% | +13.5% | +28.3 pp | +21.5% |
| 3 years | unavailable | +76.4% | unavailable | +62.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2023 · 31 Dec 2023
Quarterly statements · USD
| Fiscal year | Q4 '23 |
|---|---|
| Interest expense | 0 |
| Net income | 0 |
| Diluted EPS | 0.00 |
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 0 | 0 | 597.2 m |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 0 | 6.0 k | -37.4 m |
| Net income YoY | unavailable | unavailable | −622,633.3% |
| Diluted EPS | 0.00 | 1.28 | -2.28 |
| Diluted EPS YoY | unavailable | unavailable | −278.1% |
| net % | unavailable | unavailable | -6.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 211.8 m USD
- Financial debt
- 155.6 m USD
- Net debt
- -56.3 m USD
- Equity
- 665.6 m USD
- Total assets
- 929.4 m USD
- Debt / equity
- 0.23x
- Current ratio
- 2.38x
- ROE
- -11.2%
- ROA
- -8.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 0 | 597.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | 0 | 0 | -30.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | 0 | 0 | 28.4 m | SEC (XBRL)· 30 Mar 2026verified |
| EBITDA | 0 ≈ | 0 ≈ | -2.2 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Interest expense | 0 | 0 | 8.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Net income | 0 | 6.0 k | -37.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | 0.00 | 1.28 | -2.28 | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | — | 4.0 k | 211.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Inventories | — | 0 | 14.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Current assets | — | 6.0 k | 293.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | — | 0 | 565.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | — | 2.1 m | 929.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Short-term debt | — | 0 | 15.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Long-term debt | — | 0 | 140.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Current liabilities | — | 2.1 m | 123.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 0 † | 6.0 k † | 665.6 m † | SEC (XBRL)· 30 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 0 | 4.0 k | 75.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Investing cash flow | 0 | 0 | 74.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 0 | 2.1 m | 63.3 m | SEC (XBRL)· 30 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 441.3 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -8.4% | 0 (vs peers) | 38% |
| Net margin · Quality | -6.3% | 16 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -3.8x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality6/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COSTAMARE BULKERS HOLDINGS LIMITED (CMDB). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 597.2 m USD in 2025; net margin -6.3%; ROE -11.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
What contradicts it
- ROIC: -8.4%
- Net margin: -6.3%
- Interest coverage: -3.8x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Water Transportation (SIC 4400) · same industry (4-digit SIC) · compared with 21 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RCLRoyal Caribbean Cruises Ltd | 89.1 bn | 19.7 | 41.7% | 23.8% | +8.8% | +25% / +210% |
| CCLCarnival Corp Ltd. | 42.1 bn | 13.7 | 24.0% | 11.4% | +6.4% | +21% / +108% |
| BIPBrookfield Infrastructure Partners L.P. | 11.3 bn | 42.4 | 7.7% | 11.0% | +9.8% | +6% / +46% |
| NCLHNorwegian Cruise Line Holdings Ltd. | 8.2 bn | 9.8 | 31.2% | 8.2% | +3.7% | −4% / +16% |
| MATXMatson, Inc. | 6.4 bn | 14.3 | 17.2% | 13.4% | −2.3% | +96% / +123% |
| KEXKirby Corporation | 6.3 bn | 18.4 | 10.4% | 10.2% | +3.0% | +5% / +56% |
| INSWInternational Seaways, Inc. | 4.7 bn | 6.0 | 37.4% | 62.0% | −11.4% | +78% / +107% |
| GLNGGolar Lng Limited | 4.3 bn | 65.7 | 3.4% | 16.7% | +51.1% | +15% / +98% |
| TDWTidewater Inc | 3.4 bn | 14.0 | 19.5% | 18.3% | +0.5% | +28% / +15% |
| SEAL-PASeapeak LLC | 2.0 bn | 76.8 | — | 4.1% | −10.4% | −2% / −2% |
| FLNGFLEX LNG Ltd. | 1.4 bn | 18.8 | 9.8% | 21.5% | −2.4% | +2% / −11% |
| NATNORDIC AMERICAN TANKERS Ltd | 1.4 bn | 108.8 | 2.6% | 4.2% | −16.6% | +79% / +68% |
| GLOP-PAGasLog Partners LP | 1.2 bn | — | -1.7% | -7.2% | −21.9% | −2% / +4% |
| CMDBCostamare Bulkers Holdings Limited | 441.3 m | — | -11.2% | -6.3% | unavailable | +42% / unavailable |
| KNOPKNOT Offshore Partners LP | 297.6 m | 12.8 | — | 6.4% | +14.4% | −12% / +63% |
| EDRYEurodry Ltd. | 110.7 m | — | -4.0% | — | +8.9% | +195% / +93% |
| OMEXOdyssey Marine Exploration, Inc. | 27.5 m | — | — | -13,366.3% | −54.0% | +469% / +218% |
| USEAUnited Maritime Corp | 22.7 m | — | -11.0% | -16.4% | −16.8% | +44% / −1% |
| RUBIRubico Inc. | 778.7 k | 0.0 | 6.6% | 11.2% | −2.8% | −100% / unavailable |
| TNKTeekay Tankers Ltd. | — | 8.1 | 18.5% | 36.9% | −22.6% | +42% / +65% |
| DLNGDynagas Lng Partners LP | — | 2.3 | 12.9% | — | −100.0% | −13% / +20% |
| VIKViking Holdings Ltd | — | 33.5 | 263.5% | 17.7% | +21.9% | +29% / unavailable |
1- and 3-year price returns: for CMDB from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (08 Oct 2026), 6-K (18 Aug 2026), 6-K (14 Aug 2026), 6-K (03 Aug 2026), 6-K (17 Jul 2026), 6-K (02 Jun 2026).
In brief
Costamare Bulkers Holdings Ltd is an international owner and operator of dry bulk vessels, spun off from Costamare Inc. in May 2025 and listed on the NYSE under the ticker CMDB. Its owned fleet comprises 31 vessels with a carrying capacity of about 2,846,000 dwt, and the company supplements it through its CBI operating platform, which charters in vessels from third parties.
SWOT
Strengths
- The company has a modern owned fleet managed by a group with decades of shipping experience 1.
- The CBI platform gives flexibility, letting the company meet demand even when its owned vessels are unavailable 1.
- The customer base is geographically diversified, with a significant share in Australia, New Zealand and South America 1.
Weaknesses
- Reliance on short-term and index-linked charters exposes revenues to spot market volatility 1.
- Several services are provided by entities controlled by the majority shareholder and the chief executive officer, creating potential conflicts of interest 1.
- The company has a short operating history as an independent entity, which makes long-term performance hard to assess 1.
Opportunities
- If demand for iron ore, coal and grain stays solid, the CBI platform could benefit from charter opportunities and longer contracts 1.
- Renewal of the global fleet and environmental requirements could open opportunities for more fuel-efficient vessels 1.
- The partnership with Cargill could bring new cargo flows and a more balanced CBI portfolio 1.
Risks
- Dependence on the spot markethigh
Most vessels are on short-term or index-linked charters, so revenues can fluctuate quickly with spot rates 1.
- Oversupply of vesselshigh
A rise in newbuild orders could reduce rates and might require the company to raise additional capital to remain compliant with loan covenants 1.
- Conflicts of interest with affiliatesmedium
The majority shareholder and the chief executive officer have ties to managers and agencies that provide services to the company, which could lead to decisions unfavourable to minority shareholders 1.
- Operating cost pressuresmedium
Fuel prices, crew costs and maintenance expenses could affect margins and the ability to pay dividends 1.
- Concentrated ownershiplow
Members of the Konstantakopoulos family control the outcome of shareholder votes, and their interests may differ from those of other shareholders 1.
Investment thesis
What would need to be true (bull case)
- If the 2025 rate recovery holds and demand for bulk cargo stays robust, the company could earn higher revenues from both its owned fleet and the CBI platform 1.
- A modern owned fleet and management by an experienced group could support operating efficiency in volatile markets 1.
- The Cargill partnership could reduce exposure to risks in the CBI trading book and offer a more stable base of cargo flows 1.
What would break the thesis
- If rates fall, exposure to spot and index-linked charters could quickly reduce revenues and cash flows 1.
- A rise in newbuild orders could lead to oversupply and pressure on rates over the medium term 1.
- Ties to the majority shareholder and affiliated entities could create conflicts of interest and decisions less favourable to independent investors 1.
What to watch
- Spot rate and index-linked charter developments for the owned fleetQ1 2027
- Completion of the last vessel transfer to Cargill and its effect on the CBI platform2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (08 Oct 2026), 6-K (18 Aug 2026), 6-K (14 Aug 2026), 6-K (03 Aug 2026), 6-K (17 Jul 2026), 6-K (02 Jun 2026).
The business
The company is an international operator of dry bulk vessels that carries bulk cargo for a broad range of customers on global routes. Its owned fleet is managed by Costamare Shipping, controlled by the largest shareholder, and as of March 16 2026 it comprised 31 vessels with a total capacity of about 2,846,000 dwt 1. The CBI platform complements the fleet with third-party chartered-in vessels, and at the same date it had 19 such vessels with about 2,229,000 dwt 1.
The company was incorporated in the Marshall Islands on September 29 2023 and became independent after the spin-off completed on May 6 2025, when its shares began trading separately on the NYSE under the ticker CMDB 1. The Konstantakopoulos family holds the majority of the shares, and Costamare Inc. had extended into dry bulk shipping from June 2021 1.
In September 2025 the company signed a cooperation agreement with Cargill under which it transferred most of the CBI trading book, including most third-party chartered-in vessels and related derivative positions 1. As of March 16 2026 nearly all vessels covered by the agreement had been transferred, with one remaining vessel expected to transfer in 2026 1.
Segments
Owned fleet
The owned fleet consists of Capesize, Kamsarmax, Ultramax and Supramax vessels, mostly employed on short-term time charters or index-linked charters 1. The company pursues this policy to obtain attractive charter rates while retaining upside if market conditions strengthen 1.
CBI platform
The CBI platform charters in vessels from third parties and matches them to customer cargoes through spot or forward voyage charters and time charter relets 1. This lets the company serve customers even when its owned vessels are unavailable, but it exposes the company to greater spot market volatility 1.
Market context
Trends
- Market recovery in 2025tailwind
Firmer demand in the second half of 2025 and supply constraints, including rerouting caused by the Red Sea disruption, supported rates 1. If these conditions persist, spot charter earnings could remain favourable 1.
- Spot rate volatilityheadwind
Reliance on short-term and index-linked charters exposes the company to spot market swings, which can be rapid 1. If rates fall, revenues and cash flows could be negatively affected 1.
- Fleet renewal and newbuild ordersmixed
The age of part of the global fleet and environmental regulation could encourage orders for more efficient vessels, which could add supply to the market 1. The effect on the company depends on the timing and volume of these orders 1.
- Geopolitics and sanctionsmixed
Conflicts, sanctions on Iran, Russia and Venezuela, and shifts in trade routes have affected demand and supply of vessels in ways that are hard to predict 1. These factors could create both better rate opportunities and disruptions to operations 1.
Competitive position
The company competes in the international dry bulk shipping market with other vessel operators, and within CBI it also faces charter companies and cargo agencies active in the same space 1. The source does not give a full list of competitors but stresses that the market is highly competitive, especially in the spot segment 1.
Vessel management is split among several affiliated and third-party managers, which provides geographic flexibility but also dependence on that network 1. Costamare Inc., the parent it was spun off from, could compete directly in dry bulk shipping, a conflict of interest the source notes explicitly 1.
- Costamare Inc.CMRE
Parent company from which Costamare Bulkers was spun off in 2025 and which could compete in dry bulk shipping 1.
- Cargill International S.A.
Counterparty to the September 2025 cooperation agreement that took over most of the CBI trading book 1.
- Asian and European dry bulk operators
Shipping companies competing for spot and voyage charter business, referred to in the market discussion of the source 1.
- Charter companies and local agencies
Agencies offering chartering and cargo sourcing services in the same markets as the CBI platform 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Costamare Bulkers (CMDB) Banks Cash While Betting On A Bulk ReboundYahoo Finance — News · 11 Sept 2026 · EN
The latest news item in our archive is from 11 Sept 2026; the newest SEC filing is from 08 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)18 Aug 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)03 Aug 2026
- Current report (foreign issuer)17 Jul 2026
- Current report (foreign issuer)02 Jun 2026
- Current report (foreign issuer)13 May 2026
- Current report (foreign issuer)31 Mar 2026
- Annual report (foreign issuer)30 Mar 2026
- Current report (foreign issuer)20 Feb 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Costamare Bulkers Holdings Ltd · 30 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.